Good day everyone,
Lets look at BTC chart on multiple time frames.
-Weekly we are bearish, huge descending trendline yet to be tested again, and the recent uptrend volume is slowly decreasing, not good!
We have a huge resistance at the indicated level ~4250 zone and im not long anytime until this level is broken with good volume (good volume is slighty above average volume and not huge huge volume like the H4 red candle)
- Daily timeframe on the other hand looks good, volume is increasing and the low volume on the red bar say there is not to much interest on selling right now, and therefore the crowd is turining bullish and from HERE we can go to H4 chart..
- H4 we see this HUGE VOLUME red candle, what does this HUGE volume mean? Whale activity, what do they want? To get bulls rekt by killing their stop losses under 4000 usd level (check chart) , most of the people who are long would put their s.l just there, everybook says "put your s.l under the previous low", and whales of course know that very well =)
Now its time to wait and see BTC behaviour after this whale activity, IF we start to get increasing volume on upwave bars therefore we can expect btc will surely try to break up 4250usd level and target 4800 and 5900 level.
But before these targets we have the weekly decending trendline so be careful and use proper money maganement =)
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Lets look at BTC chart on multiple time frames.
-Weekly we are bearish, huge descending trendline yet to be tested again, and the recent uptrend volume is slowly decreasing, not good!
We have a huge resistance at the indicated level ~4250 zone and im not long anytime until this level is broken with good volume (good volume is slighty above average volume and not huge huge volume like the H4 red candle)
- Daily timeframe on the other hand looks good, volume is increasing and the low volume on the red bar say there is not to much interest on selling right now, and therefore the crowd is turining bullish and from HERE we can go to H4 chart..
- H4 we see this HUGE VOLUME red candle, what does this HUGE volume mean? Whale activity, what do they want? To get bulls rekt by killing their stop losses under 4000 usd level (check chart) , most of the people who are long would put their s.l just there, everybook says "put your s.l under the previous low", and whales of course know that very well =)
Now its time to wait and see BTC behaviour after this whale activity, IF we start to get increasing volume on upwave bars therefore we can expect btc will surely try to break up 4250usd level and target 4800 and 5900 level.
But before these targets we have the weekly decending trendline so be careful and use proper money maganement =)
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
After another bear trap the bulls are going to try to test the big resistance now , will they achieve?
Volume is low...
Volume is low...
Comment:
H4 update
Comment:
Anyway im not interested on this small movements, im not a scalper trader, the setup doesnt change for me right now, just waiting for a clear break up, or down.